Singapore's economy has rebounded somewhat since its second quarter low point, but economists expect recovery to flatten in the months ahead. — TODAY pic
Yesterday, the MAS review noted that the current downturn caused by the Covid-19 pandemic is unlike in previous crises, where the pace of recovery largely follows the rate of decline, resulting in what economists call a V-shaped recovery. “Some pockets of the economy are not expected to recover to pre-Covid levels even by the end of next year: In particular, activity in travel-related and some contact-intensive domestic services could still fall short of pre-pandemic levels until health risks abate,” said MAS.spoke to said recovery is likely to occur at the end of 2021, provided a vaccine becomes available early next year.
The April to June quarter of this year bore the brunt of the economic fallout resulting from the Covid-19 pandemic, given that the circuit breaker months of April and May fell within that quarter. MAS, however, noted that the contraction could have been worse if not for the various stimulus measures rolled out by the government totalling S$100 billion .
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